TYSONS, Va.– PenFed Credit Union said it is partnering with InComm Payments to offer members mobile cash deposits at participating retail stores that include Dollar General, Walgreens, Kroger, participating 7-Eleven locations and other outlets.
The credit unions said members with checking accounts can use the PenFed Mobile App to generate a one-time use barcode, show it to the cashier to scan and complete a cash deposit transaction.
“PenFed is excited to offer our 2.9 million members the convenience of banking where they shop in tens of thousands of retail locations in all 50 states, Puerto Rico and U.S. Virgin Islands,” PenFed Chief Marketing Officer and Head of Deposits Gaurav Bhatia said In a statement. “Fewer stops throughout the day means our members will be able to spend more time doing the things they love.”
When using Mobile Cash Deposit, members share only a barcode with retailers — not account information — and receive instant confirmation of their deposit.
‘Convenient Cash Load’
Added Mark Smith, VP-sales with InComm Payments, in a statement, “Millions of consumers rely on cash, and they need easy, reliable ways to use paper currency in today’s digital payment ecosystems. Our network fulfills that need by providing convenient cash load services in retail locations where many cash users already shop. We are proud to partner with PenFed and deliver their vision of simplifying and streamlining cash deposits for their members.”
